Budget, Estonia, Financial Services

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 13:38

Estonia: EUR 9.07 bln of expenditure planned in state budget used in 11 mos of 2018

BC, Tallinn, 16.01.2019.Print version
Of the expenditures and investments set out in the Estonian state budget for 2018, altogether 9.07 bn euros, accounting for 83.7% of the budgeted 12-month total, had been financed by the end of November, informed LETA/BNS.

Of external finance, 689.4 mln euros or 64.8 % of the budgeted full-year amount had been used. Fiscal receipts during the first 11 months of the year totaled 9.12 bn euros, 88.4 % of the amount budgeted for the full-year, the Ministry of Finance said.


Investments totaled 379 mln euros in 11 months, or 4.2% of all expenditures and investments. This entails the government's own investments, plus investment support reflected under support. 


Greatest investment groups included buildings and facilities in the amount of 245.8 mln euros, the sum invested in the maintenance and construction of state-owned roads totaled 155.8 mln euros. Investments in buildings and facilities under the authority of the Ministry of Defense amounted to 31.1 mln euros, including an investment of 10.1 mln euros in establishing the necessary infrastructure for hosting Estonia's allies.


Benefits accounted for half of the expenditures and investments, making up 4.53 bn euros of the total expenses of the state, whereas the sum total included social allowances in the amount of 2.31 bn euros, of which pensions made up 1.64 bn euros. The next biggest items were the compensation and support fund for municipalities in the amount of 475.2 mln euros, family allowances in the amount of 258.3 mln euros and parental benefit in the amount of 220.4 mln euros. 


A third of the expenses and investments was made up of other operating costs with 2.85 bn euros. These mainly include forwarding paid tax income. Of these, the largest sources of expense were social tax to the Health Insurance Fund in the amount of 1.1 bn euros, personal income tax to local governments in the amount of 992.3 mln euros, payments to funded pension funds in the amount of 384.8 mln euros.


Labor and operating costs totaled 1.3 bn euros, making up 14.3% of total expenses and investments. Labor costs amounted to 749.9 mln euros and operating expenses totaled 547.2 mln euros. The largest groups of expenditure were wages totaling 696.1 mln euros, and costs related to buildings and facilities in the amount of 155.7 mln euros.


The state's receipts in 2018 are budgeted to total 10.31 bn euros and expenditures and investments 10.83 bn euros inclusive of carryovers. Compared with 2017, budgeted income is bigger by 826.7 mln euros or 8.7% and budgeted expenditures and investments are bigger by 929 mln euros or 9.4%.


External finance made up 1.06 bn euros or 10% of the total expenditures of the state budget in 2018. EU structural and investment funds of the 2014–2020 budgetary period made up approximately 80 % of the external support in 2018.


The Treasury's liquid assets, that is deposits and bonds, stood at 1.14 bn euros at the end of November, of which 703.2 mln euros was the liquidity reserve, 29.9 mln euros the ownership reform reserve fund, and 411.6 mln euros the stabilization reserve.


Compared to the end of 2017, the liquid assets decreased by 11.4 mln euros or 1%. The liquidity reserve decreased by 15 mln euros or 2.1% and the stabilization reserve by 0.6 mln euros or 0.1%. The ownership reform reserve fund increased by 4.2 mln euros or 16.8%. 

 






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